Dollar shines, stocks stumble after stellar US jobs data Published on Share
The dollar shined but equities mostly spun their wheels on both sides of the Atlantic Thursday as a hiring surge and drop in unemployment rekindled worries about a tightening of US monetary policy.
Data from payroll services firm ADP showed that private US firms added 978,000 jobs last month, far more than expected. Meanwhile, Labor Department data showed new claims for unemployment benefits last week fell below 400,000 for the first time since the pandemic.
But Wall Street’s main stock indices fell on the news, although the Dow managed to break into positive territory in late morning trading.
Matteo Colombo/Getty Images
World market fell on Thursday as a hiring surge and drop in unemployment rekindled worries about a tightening of monetary policy.
Data from payroll services firm ADP showed that private US firms added 978,000 jobs last month, far more than expected. Meanwhile, Labour Department data showed new claims for unemployment benefits last week fell below 400,000 for the first time since the pandemic.
But Wall Street s main stock indices opened lower, with the Dow shedding 0.4 percent as trading got underway. Stock futures have taken a nose dive after the US data as investors begin to worry about the possibility of tightening of the Fed s monetary policy, Naeem Aslam, chief market analyst at Avatrade, wrote before trading began on Wall Street.
Dollar Shines, Stocks Stumble After Stellar US Jobs Data
06/03/21 AT 12:01 PM
The dollar shined but equities mostly spun their wheels on both sides of the Atlantic Thursday as a hiring surge and drop in unemployment rekindled worries about a tightening of US monetary policy.
Data from payroll services firm ADP showed that private US firms added 978,000 jobs last month, far more than expected. Meanwhile, Labor Department data showed new claims for unemployment benefits last week fell below 400,000 for the first time since the pandemic.
But Wall Street s main stock indices fell on the news, although the Dow managed to break into positive territory in late morning trading.